Portugal's central bank warns over 2005 deficit

The governor of the Bank of Portugal, Vitor Constancio, said Monday that Portugal's fiscal deficit was on target to reach 5 percent of output next year, breaching European Union rules, without exceptional revenues.

"We have had deficits above 4.0 percent. These past three years, they were even more of the order of 5.0 percent. That's the case for 2005 if one excludes exceptional revenues," Bank of Portugal governor Vitor Constancio said at a seminar.

Most of the extraordinary measures of "these

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